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definitions Focus your studying with a path Get faster at matching terms The members of the audit committee.Answer (D) is correct.The members of the audit committee, an operating committee of the board of directors, is least likely to be considered when determining the strategy for assessing governance, risk management, and control. These three processes are closely related. Ordinarily, the board is responsible for guiding governance processes, and senior management is responsible for leading risk management and control processes. The CAE typically considers (1) the maturity of these processes, (2) the seniority of the persons responsible, and (3) the organizational culture when determining the strategy for assessing governance, risk management, and control. A well-developed set of selection criteria.Answer (C) is correct.Internal auditors should be qualified and competent. Because the selection of a superior staff is dependent on the ability to evaluate applicants, selection criteria must be well-developed. Appropriate questions and forms should be prepared in advance to evaluate, among other things, the applicant's technical qualifications, educational background, personal appearance, ability to communicate, maturity, persuasiveness, self-confidence, intelligence, motivation, and potential to contribute to the organization.D. Other sets by this creatorWhat is the most important benefit of an internal auditing activity to management?Improves the “control environment” of the organization. Makes the organization process-dependent instead of person-dependent. Identifies redundancies in operational and control procedures and provides recommendations to improve the efficiency and effectiveness of procedures.
How can an audit committee benefit internal auditors?An effective audit committee can provide the following benefits:. Provide actionable insights to oversee and improve financial practices and reporting. ... . Create and maintain effective anti-fraud programs. ... . Enhance the internal audit function. ... . Oversee the organization's external audit. ... . Strengthen credibility with stakeholders.. Which of the following is most essential for guiding the internal audit staff?The internal audit activity needs to achieve organizational independence. Which of the following is most essential for guiding the internal audit staff? Policies and procedures.
Which of the following is normally a responsibility of the committee with regard to the internal audit activity?Which of the following is normally a responsibility of the committee with regard to the internal audit activity? Approval of the selection and dismissal of the chief audit executive.
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Which one of the following audit committee activities is of the greatest benefit to the internal audit activity?
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